“Timing is everything” is a very common expression and in business, that comes into play more times than you can imagine.
The timing of when to incorporate is one of the first timing issues a business often runs into. An Accountant may counsel you to wait until you’re earning enough income to make it worthwhile. A lawyer will likely counsel you to incorporate right away to protect your personal assets from liability
The timing of when an employment contract is an important issue a business runs into once it is underway. If the employee signs it on or after their first day of work, it doesn’t count. That is often an expensive timing lesson an employer learns after being sued.
Since the recent changes to the Canadian Trade-Mark Act, the timing of when you apply for a Trade-mark in Canada matters. It’s no longer first use that wins, it’s first to register.
There are many more examples of when timing matters in business law. If you’re not sure if there is a timing issue on a step you’re contemplating, you could be in for an expensive lesson.
The most important timing issue is hiring a business lawyer and calling them before you take a step that you shouldn’t have.
Don’t have a business lawyer? We’re happy to help!
Inga B. Andriessen, JD